Bridge Investment Group Buys Its Second NYC Frito-Lay Distribution Center for $38M

Bridge Investment Group has acquired its second Frito-Lay distribution center in New York City, and this time the chips are down in the Bronx.

Bridge, through the entity BLV II NY 1101 Oak Point Avenue, purchased the 23,703-square-foot building at 1101 Oak Point Avenue in Hunts Point for $37.6 million from PepsiCo, which owns Frito-Lay, according to city records made public Wednesday.

Bridge CEO Jonathan Slager signed for the buyer, while Deborah Whittemore, senior director of real estate at PepsiCo, signed for the seller, which used the entity Rolling Frito-Lay Sales, records show.

It’s unclear who brokered the deal. Spokespeople for Bridge and PepsiCo did not immediately respond to requests for comment.

This is the second time in the past 12 months that Bridge has purchased a Frito-Lay facility in New York City.

In December, the firm bought the 41,900-square-foot Frito-Lay distribution center at 222 Morgan Avenue in East Williamsburg, Brooklyn, for $105.3 million, as Commercial Observer previously reported.

It’s unclear whether Bridge intends to continue its shopping streak, but Frito-Lay — which sells snacks that include Lay’s, Ruffles, Doritos, Cheetos, Tostitos, SunChips and Fritos — has an abundance of real estate in North America with more than 200 distribution centers across the U.S. and Canada.

Frito-Lay is also known for having the largest “direct store delivery” system in North America, its website says.

News of the sale comes after some major recent deals for Bridge, including its $129.2 million purchase of a 406-unit multifamily complex in Santa Ana, Calif., in November and its takeover of a 165,604-square-foot office building in Washington, D.C., in August.

Isabelle Durso can be reached at idurso@commercialobserver.com.